Libyan Oil Exports Stalled Amid Central Bank Political Standoff

Libyan oil exports have been widely halted due to a political standoff over the central bank and oil revenue. However, some tankers are loading crude from storage. The crisis originated with the ousting of the central bank's governor and subsequent shutdown of oil output.

Libyan oil exports remain largely halted as of Thursday, with shipping data confirming the disruption. Some tankers, however, have been allowed to load crude from storage facilities.

The political standoff centers on control of the central bank, which is the single legal repository for oil revenue and state salaries. Oil tankers Kriti Samaria and Front Jaguar are among those loading crude from Libya's ports, engineers reported to Reuters, although full production remains curtailed.

The crisis escalated when western factions sought to remove the central bank's veteran governor, Sadiq al-Kabir, prompting his flight from the country. Eastern factions retaliated by halting oil production, a move which has reduced total output by more than half. Libya's National Oil Corporation reports current output at just over 590,000 barrels per day, a significant drop from the previous month's 1.18 million barrels per day, as noted by OPEC sources.

(With inputs from agencies.)